
A major part of the reason that support for socialism is growing is the gap between the rich and the poor has moved to the extreme ends over the past three decades. The rich have continues to gain more wealth and grow richer whilst the poor have remained to be poor.
According to the latest Fed data, the top 1% of Americans have a combined net worth of $34.2 trillion (or 30.4% of all household wealth in the U. S.), while the bottom 50% of the population holds just $2.1 trillion combined (or 1.9% of all wealth). Over the past three decades, the top 10% of U. S. households have seen their wealth rise by almost ten percentage points while the total wealth controlled by the bottom 50% has been cut nearly in half (from 3.6% to 1.9%)
Also, millennials don’t seem to know what socialism is, and how it’s different from other styles of government. American youngsters are not only economically ill-informed, but also historically unread. In a survey of recent college graduates, a third could not name a single right guaranteed by the First Amendment.
Finally, young Americans don’t support capitalism because they blame their problems on capitalism. However, “Crony capitalism” is not capitalism, but political cronyism: the granting of political favors by the government to one’s friends (“cronies”) at the expense of the rights of others. Under laissez-faire capitalism, outside the protection of individual rights, government’s job is “hand’s off.”
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